10,700 Won
Overview
10,700 won is the figure representing the average price of a single roll of gimbap in the Seoul area as of December 2024, and it has become a representative indicator symbolizing the rise in dining-out costs in South Korea. This is the result of the price of gimbap, which was in the 3,000 won range in the early 2020s, surging more than threefold in about four years, reflecting the perceived inflation of the ordinary people's economy and sparking social controversy.
Main Content
Background and Causes
10,700 won carries significance beyond a simple price increase. The main causes include a combination of factors: △ rising international grain prices leading to increased import costs for rice and flour △ sharp increases in the prices of subsidiary ingredients such as eggs, ham, and pickled radish △ increased labor cost burden due to minimum wage hikes △ rising fixed costs such as rent and electricity bills. In particular, after the Russia-Ukraine war in 2022, wheat prices skyrocketed, significantly raising the cost of flour and cooking oil, key ingredients for gimbap, which directly impacted its price.
Economic Impact
10,700 won has greatly increased the burden of lunch costs for ordinary people. While a meal of gimbap could be had for 3,000 to 4,000 won until 2020, by 2024 it exceeded 10,000 won, raising office workers' monthly lunch expenses to around 200,000 to 300,000 won. This has triggered a shift toward convenience store lunchboxes (average 4,500 won) or ready-to-eat meals (3,000 to 5,000 won), leading to decreased sales in the dining-out industry. Additionally, the rise in gimbap prices has stimulated inflation expectations, causing an overall contraction in consumer sentiment.
Social Reaction
10,700 won sparked significant controversy, spreading on social media under the hashtag '10,000 won for one roll of gimbap.' Many citizens expressed anger, saying, 'It's no longer a commoner's food,' while some self-employed business owners countered, 'It was an unavoidable choice to cover ingredient and labor costs.' The government announced policies to support agricultural product discounts and ease cost burdens for dining-out businesses to stabilize prices, but criticism arose that fundamental solutions were lacking.
Comparative Analysis
10,700 won shows a high increase rate compared to other dining-out items. Over the same period, items like naengmyeon (12,000 won → 15,000 won) and jajangmyeon (6,000 won → 8,000 won) also rose, but the increase rate for gimbap (approximately 250%) is notably prominent. This contrasts with the general perception that gimbap, made with relatively inexpensive ingredients, would have lower cost burdens. Furthermore, as of 2024, the price gap with convenience store gimbap (2,500 to 3,500 won) has widened to over three times, leading consumers to question the 'gimbap premium.'
Latest Trends
As of December 2024, 10,700 won is the average price in the Seoul area, with the gap widening compared to provincial cities (8,000 to 9,000 won). In January 2025, cases of gimbap prices rising to 12,000 won in some regions were reported, prompting the government to strengthen monitoring of dining-out prices. Additionally, franchise businesses claiming 'value-for-money gimbap' have emerged, launching products in the 5,000 to 6,000 won range, intensifying market competition. Meanwhile, according to a February 2025 announcement by Statistics Korea, the increase rate of gimbap prices slowed to 8.2% year-on-year, but it still far exceeds the consumer price inflation rate (2.1%). Experts predict that if international grain prices stabilize and the government's price stabilization policies take effect, prices may slightly decline in the second half of 2025.
Related Topics
- [[Dining-out prices]]
- [[Ordinary people's economy]]
- [[Gimbap]]